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Question Four (20 marks)

Part A   

RTS Pty Ltd, a resident private company, was incorporated on 1 July 2018. From 1 July 2018 until 30 June 2020, it conducted a newsagency business. The company incurred the following trading losses for tax purposes: 

  • $30,000—year ended 30 June 2019, and 
  • $40,000—year ended 30 June 2020. 

In July 2020, the company discontinued its newsagency business, restructured and acquired a family restaurant business. The company’s shareholdings of ordinary shares at the close of each financial year were as follows: 

Shareholders  2019    2020    2021 
 $                      $
200    200    200 
200    200    200 
—    600    600 
—       —    800 
400                        1000             1800 

For the tax year ended 30 June 2021, the company reported a taxable income of $70,000. 

Required

Discuss the tax implications of the above events for RTS Pty Ltd. for the year ended 30 June 2021, citing relevant legislation and showing all calculations.

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